Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 5.8x · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.5B | $4.0B | $5.3B | $6.2B | $5.8B | $5.6B | $5.9B | $5.7B | $8.8B | $10.5B |
| Enterprise Value | $2.9B | $2.4B | $9.4B | $11.0B | $11.7B | $10.9B | $11.4B | $12.5B | $12.1B | $15.1B | $16.6B |
| P/E Ratio → | 9.31 | 7.37 | 8.76 | 7.56 | 8.39 | 9.00 | 4369.05 | 13.88 | 10.70 | 16.85 | 15.23 |
| P/S Ratio | 0.65 | 0.56 | 0.77 | 0.92 | 1.08 | 1.09 | 1.39 | 1.09 | 0.99 | 1.56 | 1.76 |
| P/B Ratio | 0.99 | 0.79 | 1.26 | 1.64 | 2.14 | 2.29 | 3.28 | 3.25 | 3.20 | 4.77 | 5.49 |
| P/FCF | 6.97 | 5.98 | 4.60 | 9.76 | 15.66 | 6.83 | 5.40 | 8.54 | 5.72 | 11.02 | 11.47 |
| P/OCF | 5.09 | 4.37 | 3.75 | 7.08 | 11.33 | 5.99 | 4.80 | 6.76 | 4.71 | 8.75 | 8.97 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.55 | 1.82 | 1.89 | 2.04 | 2.04 | 2.82 | 2.34 | 2.11 | 2.67 | 2.76 |
| EV / EBITDA | 5.81 | 4.97 | 16.32 | 11.75 | 11.06 | 11.03 | 58.47 | 15.91 | 12.34 | 13.67 | 13.20 |
| EV / EBIT | 7.39 | 4.97 | 17.20 | 12.26 | 12.19 | 12.82 | 742.33 | 21.31 | 16.83 | 16.87 | 15.74 |
| EV / FCF | — | 5.89 | 10.86 | 20.11 | 29.57 | 12.74 | 10.91 | 18.26 | 12.17 | 18.90 | 18.06 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.2% | 30.2% | 34.9% | 37.4% | 37.1% | 35.6% | 33.8% | 35.8% | 38.0% | 38.9% | 40.0% |
| Operating Margin | 8.6% | 8.6% | 8.0% | 13.3% | 15.8% | 15.4% | 0.2% | 10.4% | 12.5% | 15.6% | 17.4% |
| Net Profit Margin | 7.6% | 7.6% | 8.8% | 12.1% | 12.9% | 12.2% | 0.0% | 7.9% | 9.3% | 9.2% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 14.2% | 22.9% | 27.2% | 30.4% | 0.1% | 23.7% | 29.4% | 27.7% | 36.8% |
| ROA | 3.4% | 3.4% | 3.8% | 6.0% | 6.6% | 5.6% | 0.0% | 4.0% | 5.2% | 5.3% | 7.0% |
| ROIC | 5.0% | 5.0% | 3.6% | 6.7% | 8.5% | 8.2% | 0.1% | 5.0% | 6.6% | 8.2% | 9.8% |
| ROCE | 5.6% | 5.6% | 4.9% | 9.3% | 11.6% | 10.5% | 0.1% | 7.7% | 10.3% | 12.7% | 14.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 2.22 | 2.21 | 2.39 | 2.72 | 5.24 | 4.16 | 4.28 | 3.79 | 3.55 |
| Debt / EBITDA | 6.20 | 6.20 | 12.17 | 7.68 | 6.55 | 7.02 | 46.23 | 9.53 | 7.77 | 6.33 | 5.42 |
| Net Debt / Equity | — | -0.01 | 1.72 | 1.74 | 1.90 | 1.98 | 3.35 | 3.70 | 3.61 | 3.42 | 3.15 |
| Net Debt / EBITDA | -0.08 | -0.08 | 9.42 | 6.04 | 5.20 | 5.12 | 29.56 | 8.47 | 6.54 | 5.71 | 4.82 |
| Debt / FCF | — | -0.09 | 6.27 | 10.34 | 13.92 | 5.92 | 5.52 | 9.72 | 6.44 | 7.89 | 6.59 |
| Interest Coverage | 14.72 | 14.72 | 17.82 | 29.16 | 30.81 | 27.45 | 0.49 | 18.94 | 23.23 | 28.86 | 35.51 |
Net cash position: cash ($3.1B) exceeds total debt ($3.1B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.10 | 2.10 | 1.40 | 1.53 | 1.34 | 1.36 | 1.47 | 1.31 | 1.25 | 1.23 | 1.35 |
| Quick Ratio | 1.83 | 1.83 | 1.19 | 1.25 | 1.08 | 1.15 | 1.34 | 1.13 | 1.09 | 1.06 | 1.17 |
| Cash Ratio | 1.16 | 1.16 | 0.45 | 0.45 | 0.41 | 0.56 | 0.82 | 0.26 | 0.34 | 0.22 | 0.27 |
| Asset Turnover | — | 0.56 | 0.44 | 0.48 | 0.50 | 0.48 | 0.34 | 0.51 | 0.54 | 0.57 | 0.61 |
| Inventory Turnover | 4.27 | 4.27 | 4.53 | 3.93 | 3.81 | 4.82 | 5.12 | 5.70 | 6.37 | 6.41 | 7.20 |
| Days Sales Outstanding | — | 18.42 | 159.45 | 148.90 | 129.05 | 112.70 | 148.78 | 172.35 | 160.95 | 157.42 | 143.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.5% | 2.3% | 1.8% | 1.5% | 1.6% | 1.2% | 4.0% | 4.3% | 2.9% | 2.4% |
| Payout Ratio | 25.5% | 25.5% | 20.0% | 13.6% | 12.6% | 14.2% | 5245.5% | 56.0% | 46.3% | 48.3% | 36.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.7% | 13.6% | 11.4% | 13.2% | 11.9% | 11.1% | 0.0% | 7.2% | 9.3% | 5.9% | 6.6% |
| FCF Yield | 14.3% | 16.7% | 21.8% | 10.2% | 6.4% | 14.6% | 18.5% | 11.7% | 17.5% | 9.1% | 8.7% |
| Buyback Yield | 12.2% | 14.2% | 11.5% | 6.8% | 5.5% | 0.2% | 0.1% | 5.1% | 6.9% | 5.3% | 4.4% |
| Total Shareholder Yield | 15.0% | 17.7% | 13.8% | 8.6% | 7.0% | 1.8% | 1.3% | 9.1% | 11.2% | 8.2% | 6.8% |
| Shares Outstanding | — | $121M | $132M | $145M | $149M | $155M | $154M | $158M | $167M | $173M | $181M |
Cyclical demand and inventory
According to current market data, the company trades at a P/E of 9.06 and a P/S of 0.63, which, when contrasted with the 13.76% revenue decline, suggests that investors are pricing in a permanent contraction of the brand's addressable market rather than a temporary cyclical downturn.
The forward P/E of 61.92 implies that the market anticipates a severe compression in near-term earnings, likely driven by the high operating leverage inherent in the manufacturing segment. Investors should monitor whether the current valuation floor holds as the company attempts to pivot its product mix toward electric platforms without sacrificing the premium pricing power of its legacy ICE portfolio.
Based on reported figures, ROIC has deteriorated from 2.2% in 2024Q1 to a marginal 0.5% in 2026Q1, indicating that the company is struggling to generate returns on invested capital that exceed its cost of capital during this period of significant operational deleverage.
The sharp decline in ROE and ROIC suggests that the capital-intensive nature of the manufacturing footprint is becoming a drag on shareholder value creation. This trend warrants further investigation into whether the current capital allocation strategy, including dividends and buybacks, is sustainable given the diminishing returns on the core motorcycle business.
As reported in financial statements, the cash conversion cycle has expanded significantly, reaching 529 days in 2025Q4, which highlights a profound inefficiency in managing inventory and receivables compared to the more stable 176-day cycle observed in 2024Q1.
The dramatic increase in DSO and DIO suggests that the company is facing difficulty in clearing dealer inventory, which may necessitate future wholesale discounting. This buildup of working capital is a primary driver of the current cash burn and indicates that the company's leverage over its distribution network is weakening.
According to recent balance sheet data, the current ratio has tightened to 1.91 in 2026Q1 from a peak of 2.51 in 2025Q3, signaling that the company's ability to meet short-term obligations is becoming increasingly constrained as cash reserves are depleted by negative free cash flow.
While the current ratio remains above unity, the rapid decline in liquidity suggests that the company may face pressure if the current revenue contraction persists. Investors should monitor the quick ratio closely, as the reliance on inventory to meet short-term liabilities is risky in a market where demand for heavyweight motorcycles is cooling.
The most commonly misapplied metric for this business model is the standard Debt-to-Equity ratio, which obscures the reality that a significant portion of the company's liabilities are tied to the HDFS captive finance arm rather than traditional manufacturing debt.
Analysts often misinterpret the consolidated D/E ratio by failing to adjust for the unique leverage requirements of a financial services portfolio. A more appropriate approach would be to evaluate the manufacturing and financial segments separately, as the current headline leverage figures may lead to an inaccurate assessment of the company's true solvency risk.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HOG stock.
Harley-Davidson, Inc.'s current P/E ratio is 9.3x. The historical average is 19.4x. This places it at the 21th percentile of its historical range.
Harley-Davidson, Inc.'s current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
Harley-Davidson, Inc.'s return on equity (ROE) is 10.7%. The historical average is 24.6%.
Based on historical data, Harley-Davidson, Inc. is trading at a P/E of 9.3x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Harley-Davidson, Inc.'s current dividend yield is 2.75% with a payout ratio of 25.5%.
Harley-Davidson, Inc. has 30.2% gross margin and 8.6% operating margin.
Harley-Davidson, Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.